Streamex Corp. (STEX): restructuring charge — BioSig cuts 16 employees including COO and CCO, estimates $713,924 in costs to reduce cash burn 50%

Streamex Corp.

Workforce reduction of 16 employees completed Jan 31, including COO John Sieckhaus and CCO Gray Fleming.
Total estimated costs of $713,924: $135,288 severance in equity, $578,636 retention bonuses in equity, plus potential $30K cash and $200K consulting fees.
Reduction aims to cut annual cash burn by approximately 50%.
Amendment corrects prior filing: consulting agreements referenced were not executed.

item 2.05 item 5.02

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Streamex Corp. announced a restructuring with charges of approximately $713,924 (sixteen employees).

Type: restructuring
Charge: approximately $713,924
Headcount: sixteen employees

Exact text from the filing

On January 28, 2024, management of the Company commenced a workforce reduction intended to reduce annual cash burn by approximately 50%, which was completed as of January 31, 2024. The workforce reduction consisted of the departure of sixteen employees, effective as of January 31, 2024 (the “Effective Date”) and included the departure of John Sieckhaus, the Company’s Chief Operating Officer, and Gray Fleming, the Company’s Chief Commercial Officer. In connection with the reduction in force, the Company estimates it will incur total aggregate costs of approximately $713,924, which consists of one-time departure fees and severance packages for employees in equity, based on factors including years of employment, in the estimated amount of $135,288 and retention bonuses paid in equity in the estimated amount of $578,636.

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Streamex Corp. filing history →

Source: SEC EDGAR

accession 0001493152-24-004796

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